Tuesday, July 27

energy

BLOOM, energy, PMN Business

Israel Approves Natural Gas Pipeline Link to Europe

Article contentBy Alisa Odenheimer(Bloomberg) —Israel's cabinet approved a multinational accord to lay a pipeline that will facilitate the export to Europe of natural gas found in Israeli and Cypriot waters.The $6 billion plan, formulated by the energy ministers of Israel, Cyprus, Greece and Italy, is for a 1,900-kilometer (1,181 miles) corridor that will link known and yet-to-be-discovered gas fields in the eastern Mediterranean basin with European markets through Cyprus, Greece and Italy. A survey of the route is currently being performed, with the aim of reaching a final investment decision within two years and completing the project by 2025.Read more: Leaders From Israel, Cyprus, Greece Sign EastMed Gas Pipe DealThe project has created friction with Turkey, which says it deprives Tu...
BLOOM, energy, PMN Business

EV Startup Founder Rides Cash Wave to Reboot Once-Dashed Dream

Article content(Bloomberg) — Henrik Fisker knows what you're thinking: His namesake company is just another moonshot venture seeking to cash in on the electric-car investment mania and, to make matters worse, it's run by a guy who flamed out spectacularly once before . But he's got a new battery-powered SUV, a chip on his shoulder and a message for doubters: Just wait."I've done luxury cars in my life," Fisker, 56, said in an interview. "I don't think I need to prove to anybody I can do a sexy luxury sports car."The peripatetic CEO's automotive career started in the late 1980s at BMW AG, where he designed the Z8 roadster sports car. He later joined Aston Martin, winning plaudits for rakish supercars like the V8 Vantage and DB9 before trying his hand at electric vehicles and founding Fis...
BLOOM, Canada, energy, PMN Business

Impending Profit Gloom Has Canada Investors Asking What’s Next

Article content continuedNext week, economists will keep an eye on May retail sales figures and June inflation data.PoliticsPrime Minister Justin Trudeau apologized for his role in approving a contract to a charity with deep ties to his family, putting his remarkable ability to recover from missteps to yet another test. His finance minister, Bill Morneau, is also facing an ethics probe over his involvement with the charity.In a briefing Thursday, Trudeau announced the federal and provincial governments have agreed to a C$19 billion Covid-19 plan that includes child care, sick leave and transit funding. He also confirmed that US-Canada border restrictions have been extended until Aug. 21 .Russian state intelligence is hacking international research centers that are racing to develop a Co...
BLOOM, energy, PMN Business

Biden’s Climate Plan Puts Inequality and Jobs on Par With CO2

Article content(Bloomberg) — When Joe Biden released his climate plan last week, the Democratic candidate for president emphasized one overarching goal–and it wasn't the reduction of greenhouse gases. Instead, he unequivocally linked broad climate action to employment.” When Donald Trump thinks about climate change, the only word he can muster is'hoax,'” Biden said in a speech unveiling the plan. “When I think about climate change, the word I think of is'jobs.'” His proposal aims to create 1 million openings in the auto sector, in part by investing in electric vehicle charging, plus another 1 million positions retrofitting homes for energy efficiency and weather resilience. The word “union” appears 32 times in the plan's 15-page outline.A campaign promise is not policy, but the rhetoric...
BLOOM, energy, PMN Business

Stuck With Coal Pits the World Needs, But Few Want

Article content continuedWhat's happening in coal may be a warning to other mining and oil and gas companies about how quickly assets can drop in value as investors rally behind the Paris climate accord. It also presents a risk for resource companies that invest in projects based on the coming decades , rather than years.Coal-asset values ​​have collapsed quickly. Rio Tinto Group sold its last coal mines for almost $4 billion just two years ago amid strong interest from big miners and private equity groups. Now rivals BHP and Anglo American Plc risk paying the price of waiting too long .“We could have exited a few years back, and we probably would have got a better price, but we've also made good cash flows from what are good assets,” Anglo American Chief Executive Officer Mark Cutifani...